STAINES-UPON-THAMES, United
Kingdom, April 16, 2018
/PRNewswire/ -- Mallinckrodt plc
(NYSE: MNK), a leading global specialty pharmaceutical company,
today announced the $300 million
repayment of unsecured, fixed-rate notes maturing April 15, 2018 with cash on hand. The debt was
issued by Mallinckrodt International Finance SA in 2013 in
preparation for the company's spin-off from its former parent
(CUSIP #561234AD7).
"One of our key strategic imperatives for 2018, as noted in our
February earnings release, is ensuring execution on a highly
disciplined capital allocation strategy. We have a particular focus
on reducing debt and deleveraging the balance sheet throughout
2018. With this payment today, our total debt stands at less than
$6.6 billion," said Matt Harbaugh, Executive Vice President and
Chief Financial Officer of Mallinckrodt. "We will continue to look for
opportunities to reduce debt further in 2018 and will allocate
capital toward pursuing business development opportunities and
share repurchases where they make strategic sense."
Mallinckrodt will report first
quarter 2018 earnings results on May 8,
2018.
ABOUT MALLINCKRODT
Mallinckrodt is a global business that develops,
manufactures, markets and distributes specialty pharmaceutical
products and therapies. Areas of focus include autoimmune and rare
diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. The company's Specialty Brands segment
includes branded medicines and its Specialty Generics segment
includes specialty generic drugs, active pharmaceutical ingredients
and external manufacturing. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Mallinckrodt uses its website as a
channel of distribution of important company information, such as
press releases, investor presentations and other financial
information. It also uses its website to expedite public access to
time-critical information regarding the company in advance of or in
lieu of distributing a press release or a filing with the U.S.
Securities and Exchange Commission (SEC) disclosing the same
information. Therefore, investors should look to the Investor
Relations page of the website for important and time-critical
information. Visitors to the website can also register to receive
automatic e-mail and other notifications alerting them when new
information is made available on the Investor Relations page of the
website.
CAUTIONARY STATEMENTS RELATED TO FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements
concerning potential capital allocation activities, including but
not limited to debt repayment, business development opportunities
and share repurchases. The statements are based on assumptions
about many important factors, including the following, which could
cause actual results to differ materially from those in the
forward-looking statements: continued strength in the
company's financial position, including cash flows; alternative
uses of funds and other risks identified and described in more
detail in the "Risk Factors" section of Mallinckrodt's most recent Annual Report on Form
10-K and other filings with the SEC, all of which are available on
its website. The forward-looking statements made herein speak only
as of the date hereof and Mallinckrodt
does not assume any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events and developments or otherwise, except as required by
law.
CONTACTS
Investor Relations
Daniel J. Speciale, CPA
Investor Relations and Strategy Officer
314-654-3638
daniel.speciale@mnk.com
Media
Rhonda Sciarra
Senior Communications Manager
908-238-6765
rhonda.sciarra@mnk.com
Meredith Fischer
Chief Public Affairs Officer
314-654-3318
meredith.fischer@mnk.com
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SOURCE Mallinckrodt plc